### Table 6: Rating Category — Ordered Logit

| Specification | N | Categories | Pseudo-R² | Key Coef |
|:--|--:|--:|--:|--:|
| 3c.1: Demographics Z | 1021 | 5 | 0.041 | -4.570** |
| 3c.2: OADR | 1021 | 5 | 0.018 | 4.784*** |
| 3c.3: OADR + fiscal | 956 | 5 | 0.042 | 7.921*** |
| 3c.4: Full | 932 | 5 | 0.051 | 7.566*** |

*Categories: AAA (4), AA+ (3), AA (2), AA- (1), Below AA- (0). Positive β = higher probability of higher category.*
